President Bush signed into law yesterday the First-Time Home Buyer Tax Credit http://www.foxnews.com/story/0,2933,394304,00.html. This is monumental for those people that were on the edge of the buying. If ever there was a time to buy, now is the time to do it! Prices are as low as they will ever get, most builders are offering great incentives, and this new $7,500 tax credit will only sweeten the deal. All first time home buyers that settle or have settled on their home between April 9, 2008 and July 1, 2009 will be eligible for this tax credit. Of course there are income requirements which I have listed below:
- Single or head of household homebuyers with an adjusted gross income (AGI) less than $75,000 will be eligible for the full $7,500 rebate.
- Married couples filing joint returns have an increased limit of $150,000.
- Partial payments are available for single / head of household taxpayers with incomes between $75,000 - $95,000.
- Partial payments are also available for married couple filling jointly between $150,000 and $170,000.
Things to note:
- The tax credit must be repaid, but over a 15 year period and get this…. it is interest free!
- Probably the single biggest change is the elimination of down-payment assistance programs. However, this will not be eliminated until September 30, 2008! Visit a homebuilder now to take advantage. Many builders are able to provide assistance with little or no money down. The company I work for, T.H. Properties, currently has an offer to get people in their homes with less than $1,000 down before October 1, on top of the $7,500 tax credit, cash incentives as high as $25,000, and they'll even cover your closing cost.
I can't stress enough that this is the time to buy. At the very least, visit a local builder and see what they have to offer.
For more information, visit http://www.federalhousingtaxcredit.com/
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